Current trend
On Friday, silver prices rose, as the US dollar did not receive the expected support from published Q2 GDP data. However, further growth of the instrument was prevented by positive news around the process of negotiations between the US and Europe.
The speech of US Treasury Secretary Stephen Mnuchin, published on Sunday, supported USD additionally. He said that the US economy would continue to grow for several years more. In addition, the minister did not focus on the problem of the high exchange rate of the national currency, as President Donald Trump recently did.
Support and resistance
On the daily chart, Bollinger bands are steadily declining. The price range is narrowing, reflecting a rather sharp change in the trade direction in the medium term. MACD grows, keeping a weak buy signal (the histogram is above the signal line). Stochastic did not react to the emergence of "bullish" dynamics at the end of the last trading week and is still directed downward, rapidly approaching its lows.
It is better to wait until the situation is clear and keep some of the short positions in the short and medium term for some time.
Resistance levels: 15.46, 15.60, 15.83, 16.00.
Support levels: 15.30, 15.24, 15.09.
Trading tips
Long positions can be opened after the breakdown of the level of 15.46 with the targets at 15.75–15.83 and stop loss 15.30. Implementation period: 2–3 days.
Short positions can be opened after a breakdown of the level of 15.24 with targets of 15.09–15.00 and stop loss 15.30. Implementation period: 1–2 days.
Trade
Scenario
Timeframe Intraday
Recommendation BUY STOP
Entry Point 15.50
Take Profit 15.75, 15.83
Stop Loss 15.30
Key Levels 15.09, 15.24, 15.30, 15.46, 15.60, 15.83, 16.00
Alternative scenario
Recommendation SELL STOP
Entry Point 15.20
Take Profit 15.09, 15.00
Stop Loss 15.30
Key Levels 15.09, 15.24, 15.30, 15.46, 15.60, 15.83, 16.00
On Friday, silver prices rose, as the US dollar did not receive the expected support from published Q2 GDP data. However, further growth of the instrument was prevented by positive news around the process of negotiations between the US and Europe.
The speech of US Treasury Secretary Stephen Mnuchin, published on Sunday, supported USD additionally. He said that the US economy would continue to grow for several years more. In addition, the minister did not focus on the problem of the high exchange rate of the national currency, as President Donald Trump recently did.
Support and resistance
On the daily chart, Bollinger bands are steadily declining. The price range is narrowing, reflecting a rather sharp change in the trade direction in the medium term. MACD grows, keeping a weak buy signal (the histogram is above the signal line). Stochastic did not react to the emergence of "bullish" dynamics at the end of the last trading week and is still directed downward, rapidly approaching its lows.
It is better to wait until the situation is clear and keep some of the short positions in the short and medium term for some time.
Resistance levels: 15.46, 15.60, 15.83, 16.00.
Support levels: 15.30, 15.24, 15.09.
Trading tips
Long positions can be opened after the breakdown of the level of 15.46 with the targets at 15.75–15.83 and stop loss 15.30. Implementation period: 2–3 days.
Short positions can be opened after a breakdown of the level of 15.24 with targets of 15.09–15.00 and stop loss 15.30. Implementation period: 1–2 days.
Trade
Scenario
Timeframe Intraday
Recommendation BUY STOP
Entry Point 15.50
Take Profit 15.75, 15.83
Stop Loss 15.30
Key Levels 15.09, 15.24, 15.30, 15.46, 15.60, 15.83, 16.00
Alternative scenario
Recommendation SELL STOP
Entry Point 15.20
Take Profit 15.09, 15.00
Stop Loss 15.30
Key Levels 15.09, 15.24, 15.30, 15.46, 15.60, 15.83, 16.00